Leeds United have underlined the importance of GFH Capital’s recent takeover by publishing new figures which reveal a major financial downturn at Elland Road.
The club’s results for the 12 months leading up to June 30, 2012 show marked decreases in turnover and gate receipts and an operating loss of more than £3.3million.
United posted an overall profit of £317,000, helped by the sale of ex-player of the year Max Gradel and former club captain Jonathan Howson, but the figure decreased dramatically from £3.5million during the previous 12 months. Gate receipts were down 10 per cent and turnover fell by almost five per cent to just over £31million.
United’s parent company, Leeds City Holdings Limited, saw more severe decreases with its operating loss standing at £4.193m and its overall loss recorded as £536,000.
Along with the club, Leeds City Holdings Limited owns Yorkshire Radio – United’s official radio station – Leeds United Media Limited and the Centenary Pavilion.
The results have emerged a week after GFH Capital, the Dubai-based private equity firm, secured a 100 per cent buy-out of Leeds City Holdings Limited and acquired the majority shareholding of Leeds chairman Ken Bates.
The 12 months covered by United’s latest accounts span a period in which Bates faced long-running protests against his running of the club and average league attendances at Elland Road fell by almost 4,000.